Frequency of Review/Recalibration of Models

To Whom It May Concern,
How often are the underlying statistical models (e.g. production functions, social accounting matrices, and other facets) reviewed and or/ recalibrated in light of more recent data.
The reason I ask is that the impact of an economic event for a given city or state may yield differing impacts pre-, mid-, and post-recession for example.
Thank you.
Patrick Manning

Comments

Hi Patrick,
The production functions (in terms of the mix of goods and services purchases and their ratios relative to one another) are only updated with the release of the BEA benchmarks which occur approximately every 5-7 years.
However the remainder of the data is updated annually. The Employment, Labor Income, Value Added and Output data reflect the actual collected data by the government for the year of the data set (the most recent being 2011). And the ratios of Intermediate Expenditures : Value Added are updated annually as well. Each year also has an updated trade model attached it to so local use of local supply data is updated annually as well.
Please let us know if you have any additional questions.

Hi Patrick the last BEA Benchmark was the 2002 benchmark that coincided with our 2007 data release. They are typically released in 5 years increments so the one we are currently waiting for will be the 2007 BEA Benchmark that will hopefully be released this year or in 2014.